Beta Distribution Simply Explained

The Beta distribution is a continuous distribution that is often dubbed as the Probability Distribution of Probabilities. This is because it can only take on values between 0 and 1. It is used to infer the probability of an event when we have some information about the volumes of successes and failures. The primary use of the Beta distribution is being the conjugate prior in Bayesian statistics to the Binomial and Bernoulli distributions. In one of my next articles, we will dive into what this exactly means, however here we will just gain some intuition behind the Beta distribution.